THE IMPACT OF MONETARY POLICY ON FOREIGN TRADE IN NIGERIA
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ABSTRACT
This research work examines the impact of monetary policies on foreign trade in Nigeria. The research made use of secondary data which are collected from the Central Bank of Nigeria, Statistical Bulletin (2010). The data were collected for the period of thirty years (i.e.) 981-2010). The study employed quantitative analysis approach. The variables considered appropriate indices for monetary policy were Money Supply, Interest Rate, Exchange Rate, Inflationary Ratio and Liquidly Ratio. The major tool of analysis is a multiple regression analysis model specified on the basis of perceived function relationship between monetary policies and foreign exchange earnings in Nigeria. Treating foreign exchange earnings as the explanatory and the others as the explanatory variables, a multiple regression model was specified to forge a link between the variable sets. The model was estimated using the ordinary least squares (OLS) techniques and evaluated based on relevant data from the regression output. The result showed that Money Supply, Exchange Rate, Inflationary Ratio exerted positive effect on foreign exchange while Interest Rate and Liquidity Ratio exerted negative influence on foreign exchange. In addition, the model exhibited high explanatory power and indicated absence of first order serial correlation in the explanatory variable. Based on the findings, the study concluded that a clear-out and obvious relationship existed between monetary policy and foreign trade in Nigeria and, thus recommended for conscious efforts to be made to fine-tune the various monetary variables in order to provide an enabling environment to stimulate foreign trade.
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